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Updated for tax year 2026. You probably know that claiming income tax deductions reduces your taxable income. But did you know that […] The post Itemized Deductions vs. Above-the-L...
Experts argue that since MDR fees are akin to other operational costs, such as rent and salaries, they should qualify for deductions, ultimately reducing the effective cost for com...
The Internal Revenue Service accepted over 470,000 electronically filed tax returns claiming $977 million in dubious deductions for automobile loan interest.
Under the new salary deduction system, pension contributions and statutory deductions will be remitted automatically to prevent diversion and protect county workers’ money.
Tax reform in 2018 changed the nature of filing your tax return by increasing the standard deduction and making most taxpayers ineligible for … Source
The “no tax on” deductions show the drawbacks of using narrowly tailored provisions to provide tax relief.
Section 80GGC: A Bank Payment Is Not Always Enough-But a General Allegation Is Not Enough Either Political donations and tax deductions under section 80GGC have recently become...
Section 24(b): Processing Fee, Insurance and Maintenance Charges Can Also Qualify as “Interest” When a taxpayer borrows money to acquire a property and pays the bank not merely...
The deductions, as well as the entire housing act, have been a subject of legal contestation since coming into effect under Ruto's administration.
Section 43B: Unpaid Service Tax Cannot Be Disallowed When No Deduction Was Claimed ITAT Dehradun | Schlumberger Solutions (P.) Ltd. v. ACIT | [2026] 185 taxmann.com 786 | Order...
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